#BankTech / Mercury launches new cash management product for startups

Mercury, which provides banking services for startups, has launched a cash management product that aims to increase yield and “keep capital safe”… The product, called Mercury Treasury, is developed for “high-growth” startups and aims to simplify and automate the way companies manage excess capital by also integrating with Mercury’s financial stack.

[CEO:] “You just go to the normal Mercury bank account, you can set up your treasury account, you can move money to it back and forth or set up these rules… We hide all the complexity of moving your money, buying the mutual fund and all of that.”

… The new product helps startups store extra capital in U.S. government securities and money market funds, while also automatically managing checking and savings accounts from one dashboard.

[CEO:] “Our long term plan is to think about all kinds of digitally-enabled businesses… So startups are obvious digitally-enabled businesses. But so is e-commerce, a lot of professional services nowadays are mostly digital (as well).”